Question
In: Accounting
Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account...
Journalize the following entries for the seller and the buyer:
(a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB destination on December 21. The cost of the merchandise is $2,850. The seller pays the freight of $75.
(b) Buyer pays within the discount period on December 31.
Solutions
Expert Solution
| Seller | Buyer | ||||||
| Debit | Credit | Debit | Credit | ||||
| (a) | Accounts receivable | $4,750 | - | (a) | Merchandise inventory | $4,750 | - |
| Sales | - | $4,750 | Accounts payable | - | $4,750 | ||
| Freight out | $75 | - | |||||
| Cash | - | $75 | |||||
| Cost of goods sold | $2,850 | - | |||||
| Merchandise Inventory | - | $2,850 |
| Seller | Buyer | ||||||
| Debit | Credit | Debit | Credit | ||||
| (b) | Cash | $4,655 | - | (b) | Accounts payable | $4,750 | - |
| Sales discount ($4,750 X 2%) | $95 | - | Cash | - | $4,655 | ||
| Accounts receivable | - | $4,750 | Merchandise inventory | - | $95 |
ekkarill92 answered 2 years agoRelated Solutions
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Sales Transactions
Journalize the following merchandise transactions:
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Accounts Receivable
Sales
Cost
Cost of Merchandise Sold
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Sales Transactions Journalize the following merchandise
transactions: a. Sold merchandise on account, $78,600 with terms
1/10, n/30. The cost of the merchandise sold was $47,200. If an
amount box does not require an entry, leave it blank. Sale Accounts
Receivable fill in the blank b408b3fa8fce01a_2 78,600 fill in the
blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5
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Problem 1.
Based on the information below, journalize the entries for the
Seller and the Buyer. Date column is omitted in journal provided.
There are extra lines in journal.(a)Seller sells Buyer on account merchandise costing $245 for $645,
terms 2/10, net 30, FOB destination. The freight of $45 was prepaid
by seller and added to the invoice.(b)Buyer returns as defective $145 worth of the $645 merchandise
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$1,000,000 ten year bonds, stated 9%, market 8%, interest paid
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13
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Notes Receivable
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Mar.
1
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9
Received payment less the discount.
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Issued a credit memo for returned merchandise that was sold for
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Cash
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Accounts Receivable
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Notes Receivable
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c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was...
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Account Name
Increase or
Decrease
Amount
Explanation:
d. February 10-returned $500 on
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3.
Account Name
Increase or
Decrease
Amount
Explanation:
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Account Name
Increase or
Decrease
Amount
Explanation:
f. February 12-accepted defective
products returned that were sold by $150 on February 7, and the
cost...
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